March 4, 2021 : EUR/USD Intraday technical analysis and trade recommendations.
Recently, the EURUSD pair looked overbought while approaching the price levels of 1.2250.
That’s why, conservative traders were advised to look either for SELL Positions around the previous price levels at 1.2330 (150% Fibonacci Level) in the previous article.
Recently, Bearish closure and persistence below 1.2160 was needed to abort the ongoing bullish momentum. This allowed the recent bearish movement to pursue towards 1.2050 which failed to offer sufficient bullish pressure.
The price zone around 1.2000 provided temporary bullish SUPPORT for the EURUSD. However, lack of bullish momentum was recently demonstrated. That’s why, we were waiting for a bearish continuation Pattern.
However, a recent bullish spike has pursued above 1.2150 – 1.2175 (backside of the broken channel limit) where bearish rejection was previously anticipated.
ButFurther bullish movement was expressed to pursue towards 1.2250 which applied temporary bearish pressure on the pair.
Further bearish decline is expected to pursue below 1.2000 towards 1.1960 and 1.1880 as long as bearish persistence is maintained below 1.2150.
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